Investment Policies

A Compound Portfolio of Office Buildings and Residential Properties as Investment Targets

Focused Investment on Assets in the Tokyo Economic Bloc

PIC focuses its investment primarily on the Tokyo Economic Bloc, which is characterized by high concentrations of people and industries and an established economic foundation, and in Major Regional Cities. By dividing the investment target areas into the categories of the 5 Central Wards of Tokyo, the Other 18 Wards of Tokyo, the Urban Areas Surrounding Tokyo and the Major Regional Cities, and by considering the balance between those categories while concentrating on the 5 Central Wards, PIC seeks to achieve a portfolio diversified by asset type comprising office buildings and residential properties.

Investment Areas

5 Central Wards of Tokyo

Chiyoda, Chuo, Minato, Shinjuku and Shibuya Wards

Other 18 Wards of Tokyo

The remaining 18 wards of the 23 wards of Tokyo

Urban Areas Surrounding Tokyo

Tokyo Prefecture excluding the 23 wards of Tokyo, Kanagawa Prefecture (Yokohama City, Kawasaki City and other cities), Saitama Prefecture (Saitama City and other cities) and Chiba Prefecture (Chiba City and other cities)

Management Standards

Based on the basic policy, PIC diversifies its investment targeting to achieve a geographical split for both office buildings and residential properties as indicated below (each of which is set at 100% in the table).

Asset type/Area

5 Central Wards of Tokyo

Other 18 Wards of Tokyo

Urban Areas Surrounding Tokyo

Major Regional Cities

Office buildings

50% or more

0% - 20%

0% - 40%

0% - 20%

Residential properties

50% or more

0% - 40%

0% - 20%

0% - 20%

(Note)

Diversification ratios by area show the respective ratios of office buildings and residential properties. Since the figures in the table represent ranges, the total of such figures is not 100%. Although PIC makes investments by aiming to achieve the ratios above, the actual ratios may differ in the course of acquiring the investment assets.